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The founder of Alibaba removed his chief executive and backed a younger
management team as the company reported fourth-quarter revenues that
comfortably beat expectations.

Shares in the Chinese ecommerce giant rose by almost 10 per cent to more than
$88.76 when the market opened in New York, before falling back to $86.13, up
8 per cent for the day and valuing it at about $200 billion. Revenue rose by
45 per cent to $2.81 billion for the three months ending March 31 against
estimates of around $2.77 billion.